Real reason why 99% lose - daytrading | Page 2 | Forex Factory

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Real reason why 99% lose - daytrading

  • #21
  • Mar 23, 2018 4:25am Mar 23, 2018 4:25am
Quoting MoneyZilla
{quote} Not there yet, bro! But soon, I might become the second day trader in Michi's group of successful day traders...
Definitely, our genetics are getting better day after day...
  • #22
  • Mar 23, 2018 4:53am Mar 23, 2018 4:53am
Quoting Spreadbetter
Are you confusing Buffett with Soros? Buffett’s firm doesn’t trade, they invest (although you could class that as position trading if you were being pedantic) and nowhere in Berkshire Hathaway’s report do they mention positions in FX, as a significant part of their investment holdings, they may use FX for hedging, that’s it. In relation to your points here’s a slightly outdated report from the French financial authorities citing that close on 90% of clients lose trading FX and CFDs, it’s why many authorities (with the assistance of central banks),...
Point is this is stockchart where daytrader lost 7000$, brick size is 10$
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  • #23
  • Mar 23, 2018 5:01am Mar 23, 2018 5:01am
Quoting igorc
Point is real profitable traders use monthly chart and weekly for entry and ignore 3rd and 4th digit. for example price is moving from 1.23 to 1.25 over 20 days Ill invest. If it drops 1 cent it is nothing to long term, but for daytraders it is end of world.
What you are talking, time is only abstraction of human, day,hours, leap years.

I dont watch clock. or range,renko, or time based charts. i watch the price. i go sleep when is dark, and wake when its light.
its different based, where earth is relative to sun.

I agree SP, you are mixing apples and baseball caps.
  • #24
  • Mar 23, 2018 5:18am Mar 23, 2018 5:18am
By real profitable trader I mean billionaire with profit over 300 million dollars a year, not less and that is how they trade, nothing personal.
  • #25
  • Mar 23, 2018 5:20am Mar 23, 2018 5:20am
Quoting igorc
By real profitable trader I mean billionaire with profit over 300 million dollars a year, not less and that is how they trade, nothing personal.
aah you are talking people like Tudor, but he was not often long time (several night/day cycle) in position, in his early career.

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  • #26
  • Mar 23, 2018 5:51am Mar 23, 2018 5:51am
I can think only 2 reasons:
1. if you don't have an edge, you'll lose because of spread.
2. if you have an edge, you can lose because of drawdown(over risking).
  • #27
  • Mar 23, 2018 6:04am Mar 23, 2018 6:04am
Keep thinking...
  • #28
  • Mar 23, 2018 7:01am Mar 23, 2018 7:01am
I only know why I lose, and that's really the most important information
big money makes big moves and then hides during small money chasing.
  • #29
  • Mar 23, 2018 7:42am Mar 23, 2018 7:42am
Wtf relevance does that have to my post?

Quoting igorc
{quote} Point is this is stockchart where daytrader lost 7000$, brick size is 10${image}.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #30
  • Mar 23, 2018 8:07am Mar 23, 2018 8:07am
We lose because we can't focus on the market for 24 hours straight.

We have commitments such as sleep, family, preparing meals, a day job, etc.

Even though we say we are creatures of habit but we can't for the life of us stick to one trading system. We change them as often we pull more toilet paper to wipe.

We change, change, and change. It's a problem.

Not to mention we have many other problems on top of this.


Those who are actually consistently profitable are superhuman beyond comprehension.
  • #31
  • Mar 23, 2018 8:24am Mar 23, 2018 8:24am
A friend of mine who is billionaire and member of CFR, trade this way, I was looking is there shortterm strategy like day trading, to compare invest/reward ratio with his account is it more profitable to go short term and answer it is bullshit. He woudnt approach into bitcoin if it is not stable for 10 years. Also he purchased every EA even 2500$ cost and after extensive research his answer this is bullshit.
  • #32
  • Mar 23, 2018 8:38am Mar 23, 2018 8:38am
Quoting raklian
We lose because we can't focus on the market for 24 hours straight. We have commitments such as sleep, family, preparing meals, a day job, etc. Even though we say we are creatures of habit but we can't for the life of us stick to one trading system. We change them as often we pull more toilet paper to wipe. We change, change, and change. It's a problem. Not to mention we have many other problems on top of this. Those who are actually consistently profitable are superhuman beyond comprehension.

those are some of things when you should not trade.

People lose, because they think they can beat champ, after reading fitness boxing magazine.
the champ has ex champs,mentors and corporation (funding) helping training and telling how to win.

But fitness boxer thinks he is bad ass and beat the champ, and get 100 mio $.

even both eyes are black and nose flat, he try again and again reading fitness boxing magazine, and brains so numb and not understand need to go training place where stinks sweat and are merciless mentors like a Gleason's Gym, where need to work hard and long before stepping inside ring.

Forex is not softball game.
  • #33
  • Mar 23, 2018 9:14am Mar 23, 2018 9:14am
Quoting raklian
We lose because we can't focus on the market for 24 hours straight. We have commitments such as sleep, family, preparing meals, a day job, etc. Even though we say we are creatures of habit but we can't for the life of us stick to one trading system. We change them as often we pull more toilet paper to wipe. We change, change, and change. It's a problem. Not to mention we have many other problems on top of this. Those who are actually consistently profitable are superhuman beyond comprehension.
Sounds like the typical millennial kid that has been convinced that he's a victim.

The majority of traders lose because they have no edge and/or risk management. PERIOD.
Pride always comes before destruction.... -Proverbs 16:18
  • #34
  • Mar 23, 2018 9:37am Mar 23, 2018 9:37am
Why traders lose is not the same as asking why are we here on this earth, though one would think it was by the range of opinions one usually gets.

For me it is pretty simple. Most would be traders are not yet ready to win, yet they risk their money. There are therefore two types of losing trader - the first being the trader who really doesn't know what he or she is doing, and the second being the trader that has enough experience of the markets, meaning they are able to predict price movement accurately enough to be able to profit from it consistently, but for reasons of psychological frailness, continually sabotage themselves by not doing what they know they must do.

The overall majority however fail because there are no qualifications necessary to trade, no apprenticeships, no rule book, it is just the trader, an internet connection, and some money. Added to that the complete naivety of what it takes to become successful in this business by all those who enter it for the first time, and hey presto, as if by magic, accounts are quickly wiped out left, right and centre.

Traders like myself who have been around for a few years and have made pretty much all the mistakes there are to make, know now just how much there is to know to turn trading into a full time profession, and if there is one thing I have said a hundred times before, it is that there are no short cuts. You set yourself up for the long term, or you set yourself up to fail - simple as.
  • #35
  • Mar 23, 2018 9:37am Mar 23, 2018 9:37am
Er, do you even code bro?

Quoting raklian
We lose because we can't focus on the market for 24 hours straight. We have commitments such as sleep, family, preparing meals, a day job, etc. Even though we say we are creatures of habit but we can't for the life of us stick to one trading system. We change them as often we pull more toilet paper to wipe. We change, change, and change. It's a problem. Not to mention we have many other problems on top of this. Those who are actually consistently profitable are superhuman beyond comprehension.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #36
  • Mar 23, 2018 12:25pm Mar 23, 2018 12:25pm
don't has an edge .. or the right mindset ..
  • #37
  • Mar 23, 2018 1:15pm Mar 23, 2018 1:15pm
Quoting igorc
Point is real profitable traders use monthly chart and weekly for entry and ignore 3rd and 4th digit. for example price is moving from 1.23 to 1.25 over 20 days Ill invest. If it drops 1 cent it is nothing to long term, but for daytraders it is end of world.
Daytrading for consistent profit is indeed very tough for most. But your statements that seem to suggest that ALL daytraders lose their pants is a blatant overstatement.
'For the market to work, it needs people who think that they can beat it.'
  • #38
  • Mar 23, 2018 2:17pm Mar 23, 2018 2:17pm
First of all, there is no definition of what is day trading in this thread. So I will say my interpretation of day trading before I comment further. My interpretation of day trading is that you do not carry an open order across the next day, which mean you close all your orders by end of day before you switch off your computer. (There are also people who do Week Trading, that is to say they don't carry open order across weekend because of price gap risk.).

If according to my interpretation of day trading, what it effectively translate into is that you have placed a Time-based Stoploss/TakeProfit (SL/TP) to your order. Your SL or TP will be triggered automatically by end of day if not already triggered in the course of the day.

Time-based SL/TP is a double edge sword. It cuts both way.

If you used a time-based SL/TP, it is more difficult for you to implement a larger Risk-reward ratio because you may not have given enough time for your RR ratio to materialize before your time-based SL/TP is triggered. Therefore, if you want to be effective using time-based SL/TP, you need to have an edge in a strategy that has high hit rate and you can use 1:1 RR ratio with time-based SL/TP. If your strategy's edge lies in a high RR ratio, then time-based SL/TP is a constraint more than an edge.

People lose not because of day trading, but because their strategy and edge does not fit day trading. The 'fault' does not lie in day trading, but rather a mismatch of strategy/edge with time-based SL/TP.

In summary, if you want to day trade, do scalping and go for high hit rate and low RR ratio. Otherwise, day trading may not be effective. Just my personal opinion. I may be wrong.
  • #39
  • Mar 23, 2018 2:30pm Mar 23, 2018 2:30pm
Quoting Expo33
{quote} Sounds like the typical millennial kid that has been convinced that he's a victim. The majority of traders lose because they have no edge and/or risk management. PERIOD.
Even they have the edge, they don't have the discipline to keep applying it. It's mostly psychological, mostly from boredom of waiting and waiting for their trades turn into a sizable profit they can close or reach their preset targets. It doesn't help they are distracted by other aspects of their lives, as I listed above.

It's largely the reason losers tend to be much bigger than the winners.

Most people just aren't meant to be traders.
  • #40
  • Mar 23, 2018 7:59pm Mar 23, 2018 7:59pm
If anyone is losing, the only reason would be that they don't have a working strategy. If one has a working strategy then, they would win.
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